Control. You make all the decisions about saving for current or future medical expenses and when to make withdrawals.

Portability. You can continue to use the HSA even when changing jobs or medical coverage, becoming unemployed, changing marital status, or moving to another state.

Safety. HSA funds are federally insured by the National Credit Union Administration.

You must have an HSA-qualified “high deductible health plan” and meet other requirements to open and contribute to an HSA.

For more information about Health Savings Accounts, be sure to read the HSA Frequently Asked Questions.

Liberty Financial does not charge annual maintenance fees for Health Savings Accounts, and funds on deposit are federally insured by the National Credit Union Administration. For specific information on Liberty Financial’s HSA program, call the Liberty Financial Investments Department at 1 (833) 226-4007, Ext. 1284, or send us your question via e-mail. For general information on HSA plans, visit the U.S. Department of the Treasury’s HSA Web page.

HSA Contribution Limits for Tax Year 2017

Health Savings Account contribution limits increased in 2017. The maximum contribution limit for individuals with single coverage is $3,400. The maximum contribution for family coverage is $6,750. Additionally, the “catch-up” contribution limit for those age 55 or older is $1,000.

Visit any Liberty Financial location to open or contribute to your HSA today!

HSA Rates

Terms

Dividend Rate

APY^

Minimum Balance #

3 Month Fixed

0.25%

0.25%

$1,000

6 Month Fixed

0.60%

0.60%

$1,000

1 Year Fixed

1.79%

1.80%

$1,000

14 Month Fixed

1.79%

1.80%

$1,000

2 Year Fixed

2.03%

2.05%

$1,000

3 Year Fixed

2.13%

2.15%

$1,000

4 Year Fixed

2.18%

2.20%

$1,000

5 Year Fixed

2.23%

2.25%

$1,000

HSA Frequently Asked Questions

What is a Health Savings Account?

A Health Savings Account is an account to save for future medical expenses. There are certain advantages in putting money into these accounts, including favorable tax treatment. Contributions to an HSA are deductible and distributions from a HSA are tax-free when used for qualified medical expenses. An individual can invest the assets as he/she wishes, and if the assets are not spent in a given year, the balance can be carried forward to a subsequent year. Unused funds are not lost at the end of the year.

Who can have a Health Savings Account?

Adults can contribute to an HSA if they:

Have coverage under an HSA-qualified “high deductible health plan” (HDHP).

Are not also covered by any other health plan that is not an HDHP (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted).

Contributions to the HSA can be made by the individual, employer, or both. However, the total contributions are limited annually. Contributions can be made each year the individual is eligible. Contribution limits for 2017 are:

$3,400 – Self-only coverage

$6,750 – Family coverage

Individuals age 55 or older can also make additional “catch-up” contributions. The maximum annual catch-up contribution is as follows:

2016 & 2017 – $1000

Contribution limits for 2016 are:

$3,350 – Self-only coverage

$6,750 – Family coverage

How can a Health Savings Account be used?

Money in the account can be used to pay for any “qualified medical expense” permitted under federal tax law. This includes most medical care and services, dental, and vision care.

The money in the account may pay for medical expenses of the individual, spouse, or dependent children. The account can be used to pay for expenses of a spouse and dependent children even if they are not covered by the HDHP.

Any amounts used for purposes other than to pay for “qualified medical expenses” are taxable as income and subject to an additional 20% tax penalty. Examples include:

Medical expenses that are not considered “qualified.”
Other types of health insurance unless specifically approved.
Medicare supplement insurance premiums.
Expenses which are not medical- or health-related.
After age 65, the 20% additional tax penalty no longer applies. If an individual becomes disabled and/or enrolled in Medicare, the account can be used for other purposes without paying the additional 20% penalty.

Discount available on conventional conforming financing of purchases for primary residences only. Offer available for new primary mortgage loans and mortgage loans already established at Liberty Financial when refinanced with at least $10,000 new money. Closing costs may apply. Liberty Financial verifies the past checking history of applicants with ChexSystems, a national consumer reporting network. Information obtained from the report could result in checking account denial. Certain product exclusions may apply. Contact a Liberty Financial mortgage loan officer for further details.